Seized Papers Trump Denial: ITAT Upholds Rs. 60 Lakh Additions in Rs. 110 Cr Search Case

Syed Mohammed Asad Ullah Hussaini Vs ACIT (ITAT Hyderabad)

Hand-Loan & Land Deal Denied — But Seized Papers Sink Assessee: ITAT Confirms Additions- No Evidence, Only Denial: Tribunal Upholds 153C Jurisdiction & Rs.60 Lakhs Additions

Hyderabad Tribunal dealt with additions arising from search in premises of Assessee’s in-laws where documents were seized naming Assessee. AO invoked 153C after tracing PAN & assessed Rs.35 lakhs as unexplained money u/s 69A (1/5th share of Rs.1.75 Cr hand-loan declared by borrowe

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